Apple becomes most valuable publicly traded company ever

Apple has become the first ever publicly traded company to exceed a total value of $700bn (£459bn).

 

Shares in the technology giant went up by two per cent to $122.02 (£79.99) at close on Tuesday, giving the company a valuation of $711bn (£466bn). This was $13.4bn (£8.8bn) higher than on Monday, and makes Apple the most valuable business in the history of stock exchanges.

 

Shares in the California-based company were raised largely by the recent success of its iPhone in China as well as the US.

 

Apple's result for the three months to 27 December, released at the end of last month, showed how iPhone sales increased by 46 per cent to 74.5m units, which was far greater than analysts' expectations of 65m.

 

Additionally, it enjoyed its highest ever first-quarter profit of $18bn (£11.8bn) during the period, with shares at a value of $3.06 (£2.01).

 

At the time, chief executive Tim Cook said demand for the company's products had risen "to an all-time high", helped partly by the usual increase in sales brought about by Christmas shoppers.